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San Francisco, Oct 22, 2012 - (ACN Newswire) - Glu Mobile Inc. (NASDAQ: GLUU), a leading global developer and publisher of freemium games for smartphone and tablet devices, today announced that Matthew Ricchetti has joined the company as President of Studios. Ricchetti will lead Glu's global development efforts with a primary focus on strengthening monetization.
Ricchetti brings to Glu a strong background of design, management, and game monetization experience on both mobile and web platforms. Most recently, he served as Vice President of Mobile for Kabam where he led mobile development and monetization strategies for top grossing titles such as Kingdoms of Camelot and Arcane Empires. Prior to this he was GM of Kingdoms of Camelot on Facebook. Before his time at Kabam, Ricchetti served in senior design and production roles at Zynga and Electronic Arts.
"We are delighted that Matthew has joined Glu as President of Studios," said Niccolo de Masi, Glu President and CEO. "Matthew has a proven track record creating persistent top grossing mobile gaming experiences with impressive retention and monetization. We expect the complementary combination of Matthew's monetization expertise and Glu's scaled development infrastructure to significantly enhance our long term growth trajectory. His studio leadership should help to further evolve Glu's product roadmap to meet changing consumer preferences."
"Glu was an early pioneer in free-to-play mobile gaming and I am excited to join the company that I believe offers the industry's highest-quality mobile gaming experiences," said Matthew Ricchetti. "I look forward to improving monetization across Glu's substantial audience base and joining a management team committed to long term growth."
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements, including those regarding Glu's expectation that the complementary combination of Mr. Ricchetti's monetization expertise and Glu's scaled development infrastructure should significantly enhance our long term growth trajectory and Mr. Ricchetti's ability to help Glu improve monetization across Glu's substantial audience base. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Investors should consider important risk factors, which include: the risk that consumer demand for smartphones, tablets and next-generation platforms does not grow as significantly as we anticipate or that we will be unable to capitalize on any such growth; the risk that we do not realize a sufficient return on our investment with respect to our efforts to develop freemium games for smartphones, tablets and next-generation platforms; the risk that we will not be able to maintain our good relationships with Apple and Google; the risk that our development expenses for games for smartphones are greater than we anticipate; the risk that our recently and newly launched games are less popular than anticipated; the risk that our newly released games will be of a quality less than desired by reviewers and consumers; the risk that the mobile games market, particularly with respect to freemium gaming, is smaller than anticipated; and other risks detailed under the caption "Risk Factors" in our Form 10-Q filed with the Securities and Exchange Commission on August 9, 2012 and our other SEC filings. You can locate these reports through our website at http://www.glu.com/investors. We are under no obligation, and expressly disclaim any obligation, to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
2008 Equity Inducement Plan
In connection with the appointment of Matthew Ricchetti as Glu's new President of Studios, Glu has agreed that its Compensation Committee will award Mr. Ricchetti a non-qualified stock option to purchase 300,000 shares of Glu's common stock pursuant to Glu's 2008 Equity Inducement Plan. Glu's historical policy with respect to new hire stock option grants is to award a newly hired employee his or her stock option on the second Tuesday of the month following his or her employment start date; accordingly, the grant date for Mr. Ricchetti's grant will be November 8, 2012. The stock option will have a six-year term, vest on a four-year schedule (25% of the underlying shares will vest on October 22, 2013, the first anniversary of Mr. Ricchetti's hire date, and 2.083% of the underlying shares will vest monthly thereafter), and have an exercise price equal to the closing price of Glu's common stock on the NASDAQ Global Market on the November 8, 2012 grant date.
Glu's Compensation Committee adopted the 2008 Equity Inducement Plan, which is a non-stockholder approved plan, to facilitate the granting of stock options as an inducement to new employees to join Glu. NASDAQ Marketplace Rule 5635(c)(iv) requires a public announcement of equity awards made under this type of plan.
Glu Mobile
Glu Mobile (NASDAQ:GLUU) is a leading global developer and publisher of freemium games for smartphone and tablet devices. Glu is focused on creating compelling original IP games such as CONTRACT KILLER, GUN BROS, DEER HUNTER, BLOOD & GLORY, and SAMURAI VS. ZOMBIES DEFENSE on a wide range of platforms including iOS, Android, Windows Phone, Google Chrome, and MAC OS. Glu's unique technology platform enables its titles to be accessible to a broad audience of consumers globally. Founded in 2001, Glu is headquartered in San Francisco with a major office outside Seattle, and international locations in Brazil, Canada, China, and Russia. Consumers can find high-quality entertainment wherever they see the 'g' character logo or at www.glu.com. For live updates, please follow Glu via Twitter at www.twitter.com/glumobile or become a Glu fan at Facebook.com/glumobile.
CONTRACT KILLER, GUN BROS, DEER HUNTER, BLOOD & GLORY, SAMURAI VS. ZOMBIES DEFENSE, GLU, GLU MOBILE and the 'g' character logo are trademarks of Glu Mobile Inc.
Media Contact
Jason Enriquez
Glu Mobile Inc.
PR@glu.com
+1-415-800-6263
Investor Relations
Seth Potter
ICR
IR@glu.com
+1-646-277-1230
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Glu Mobile Inc. via Thomson Reuters ONE
Topic: Press release summary
Source: Glu Mobile Inc.
https://www.acnnewswire.com
From the Asia Corporate News Network
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